State of Michigan Retirement System Sells 28,913 Shares of AutoZone, Inc. (NYSE:AZO)

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State of Michigan Retirement System decreased its holdings in AutoZone, Inc. (NYSE:AZO) by 82.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,951 shares of the company’s stock after selling 28,913 shares during the quarter. State of Michigan Retirement System’s holdings in AutoZone were worth $6,713,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AZO. Advisor Group Holdings Inc. acquired a new stake in shares of AutoZone in the first quarter valued at approximately $4,837,000. Assenagon Asset Management S.A. increased its stake in AutoZone by 1,719.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 91,915 shares of the company’s stock worth $103,691,000 after acquiring an additional 86,863 shares during the period. Fiera Capital Corp raised its holdings in AutoZone by 8.3% in the 1st quarter. Fiera Capital Corp now owns 655,807 shares of the company’s stock valued at $554,809,000 after acquiring an additional 50,079 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of AutoZone by 48.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 151,716 shares of the company’s stock valued at $128,352,000 after acquiring an additional 49,453 shares during the period. Finally, Ardevora Asset Management LLP acquired a new stake in shares of AutoZone during the 2nd quarter worth $45,556,000. 91.59% of the stock is owned by hedge funds and other institutional investors.

AutoZone stock opened at $1,207.42 on Friday. The business has a 50 day moving average of $1,135.63 and a 200-day moving average of $1,057.11. The company has a market capitalization of $28.20 billion, a P/E ratio of 18.96, a P/E/G ratio of 2.04 and a beta of 0.90. AutoZone, Inc. has a 1 year low of $684.91 and a 1 year high of $1,274.41.

AutoZone (NYSE:AZO) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $14.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $13.80 by $0.59. The firm had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.65 billion. AutoZone had a net margin of 12.90% and a negative return on equity of 91.18%. The company’s revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted $15.99 EPS. As a group, equities research analysts predict that AutoZone, Inc. will post 62.98 EPS for the current fiscal year.

In other news, VP Philip B. Daniele sold 176 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $1,100.21, for a total value of $193,636.96. Following the completion of the sale, the vice president now owns 247 shares of the company’s stock, valued at $271,751.87. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Kristen C. Wright sold 1,890 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $1,140.00, for a total value of $2,154,600.00. Following the completion of the sale, the vice president now directly owns 2,137 shares of the company’s stock, valued at approximately $2,436,180. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of AutoZone from $1,190.00 to $1,265.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. Nomura increased their price target on shares of AutoZone from $1,210.00 to $1,290.00 and gave the stock a “buy” rating in a research report on Wednesday, May 27th. Wells Fargo & Co restated a “buy” rating and set a $1,300.00 price objective on shares of AutoZone in a research report on Tuesday, July 28th. Goldman Sachs Group raised their target price on AutoZone from $967.00 to $1,105.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $1,250.00 price target (up previously from $1,119.00) on shares of AutoZone in a report on Wednesday, May 27th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. AutoZone currently has an average rating of “Buy” and a consensus price target of $1,223.69.

AutoZone Profile

AutoZone, Inc retails and distributes automotive replacement parts and accessories. The company offers various products for cars, sport utility vehicles, vans, and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. Its products include A/C compressors, batteries and accessories, bearings, belts and hoses, calipers, carburetors, chassis, clutches, CV axles, engines, fuel pumps, fuses, ignition and lighting products, mufflers, radiators, starters and alternators, thermostats, and water pumps.

Read More: Analyzing a company’s cash flow statement

Institutional Ownership by Quarter for AutoZone (NYSE:AZO)

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